Tuesday, August 4, 2020
Martin Hennecke

Four-year Kowloon low for Vanke's new launch
Vanke Property (Hong Kong) has launched the first batch of units at The Campton in Cheung Sha Wan, offering 94 flats at an average price of HK$16,411 per square foot after discounts, the lowest in Kowloon in nearly four years. The batch has offered 11 studio flats, 27 one-bedroom flats and 56 two-bedroom flats, ranging from 287 sq ft to 539 sq ft. Wing Tai Properties (0369) will launch the sales of 108 units at OMA by the Sea in Tuen Mun on Sunday through a price list and will sell another 53 flats by tender from Monday. The developer has sold 217 units for the project, worth a total of HK$1.13 billion. Henderson Land Development (0012) will open the sales of Aquila Square Mile in Mong Kok on Sunday as well, offering at least 88 units, mainly one-bedroom. After discounts, 17 of its units are below HK$5 million. Meanwhile, Emperor International (0163) has named its serviced apartment project providing 99 units in the Mid-Levels as Central 8 and opened a show flat. Elsewhere, Hip Shing Hong won the bid of an old building at Shau Kei Wan Main Street East at the reserve price of HK$804 million with no competitor. In another bid, the redevelopment of an old building on Des Voeux Road West in Sai Ying Pun was awarded to Tai Hung Fai Enterprise at the reserve price of HK$700 million. The Buildings Department approved 18 building plans in March, with five on Hong Kong Island, eight in Kowloon and five in the New Territories. In the secondary market, a one-room unit at Corinthia by the Sea changed hands for HK$8.9 million, the second most expensive ever in Tseung Kwan O. In Yuen Long, a 423-sq-ft flat at The Reach was sold to a first-time buyer for HK$5.8 million, or HK$13,712 per sq ft, after HK$200,000 was cut from the initial asking price.

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